1. What is the registration requirement for relevant providers?

The registration requirement is an ongoing obligation and is separate to the requirement for AFS licensees to authorise and appoint a relevant provider to the Financial Advisers Register. From 16 February 2024, AFS licensees must authorise, appoint and register a relevant provider before the relevant provider can lawfully provide personal advice to retail clients on relevant financial products. AFS licensees can apply to register a relevant provider using ASIC Connect: see Question 10. Provisional relevant providers cannot be registered.

2. Are relevant providers already registered if they are listed on the Financial Advisers Register?

No. The requirement for relevant providers to be registered is a new obligation introduced by the Better Advice Act. It is separate to the requirement for an AFS licensee to notify ASIC when it has authorised a relevant provider (i.e. by using ASIC Connect to appoint (add) the relevant provider to the Financial Advisers Register). While an adviser’s appointment to the Financial Advisers Register lists them on the Financial Advisers Register, it does not register them. AFS licensees must separately apply to register the relevant providers that they authorise using ASIC Connect.

Table 1 outlines the differences between authorising, appointing, and registering a relevant provider.

Table 1: Requirements relating to relevant providers

3. Who must be registered?

All relevant providers, except provisional relevant providers, must be registered from 16 February 2024. This includes time-share advisers.

AFS licensees can apply to register their relevant providers using ASIC Connect.

4. Does a provisional relevant provider need to be registered?

No. The registration requirement does not apply to provisional relevant providers (i.e. advisers who are still undertaking their professional year).

Importantly, once a provisional relevant provider completes their professional year, their role on the Financial Advisers Register must be updated by their AFS licensee from ‘provisional financial adviser’ to ‘financial adviser’. This can be done using the maintain (update) function on ASIC Connect.

Once this update is complete, the AFS licensee must register the relevant provider before they can provide personal advice.

5. Who is responsible for ensuring a relevant provider does not provide personal advice while unregistered?

Both the AFS licensee(s) and the relevant provider are responsible for ensuring the relevant provider does not provide advice while unregistered.

AFS licensees

AFS licensees are responsible for submitting the registration application and ensuring their relevant providers are registered: see Question 6. This is an ongoing obligation from 16 February 2024.

AFS licensees can apply to register their relevant providers using ASIC Connect: see Question 10.

Relevant providers

Although the AFS licensee is responsible for submitting the registration application, the relevant provider is responsible for ensuring they do not provide personal advice while unregistered: see Question 6 and Question 7.

6. When does a relevant provider’s registration take effect?

A relevant provider’s registration takes effect once ASIC records on the Financial Advisers Register that the relevant provider is registered. This generally happens within one business day of an application for registration being approved. But it is important to note that, until the Financial Advisers Register records that a relevant provider is registered, the relevant provider cannot lawfully provide personal advice.

AFS licensees and relevant providers will receive a notice of registration or notice of refusal within five business days of a registration decision being made.

7. What are the regulatory consequences if a relevant provider gives personal advice while unregistered from 16 February 2024?

If a relevant provider gives personal advice while unregistered from 16 February 2024, the relevant provider will be in breach of a restricted civil penalty provision and may be subject to regulatory action. The relevant provider’s authorising AFS licensee(s) will have committed an offence of strict liability and contravened a civil penalty provision. The AFS licensee(s) may be subject to regulatory action if they continue to authorise the relevant provider at the time they provide the advice.

8. Does a relevant provider who provides tax (financial) advice services need a separate registration to provide those services?

No. There is no separate registration process for relevant providers who provide, or intend to provide, tax (financial) advice services. A relevant provider’s ability to provide tax (financial) advice services is captured in the appoint (add) and maintain (update) functions on ASIC Connect and is recorded on the Financial Advisers Register. For more information about a relevant provider’s ability to provide tax (financial) advice services, see Information Sheet 268 FAQs: Relevant providers who provide tax (financial) advice services (INFO 268).

When registering a relevant provider who is able to provide tax (financial) advice services, AFS licensees are required to make an additional declaration that the person is a qualified tax relevant provider. This is a separate requirement to the abovementioned requirement about ensuring that the Financial Advisers Register accurately records whether a relevant provider can provide tax (financial) advice services. For more information about the declarations that must be provided as part of the registration process, see Information Sheet 277 Registration of relevant providers: Guidance on making declarations (INFO 277).

9. How did deemed registration work?

Under the Better Advice Act, some relevant providers were ‘deemed’ to be registered under transitional provisions. Generally, deemed registration applied to relevant providers who:

• were registered as an individual tax (financial) adviser with the Tax Practitioners Board immediately before 1 January 2022, or
• had a pending application for registration as an individual tax (financial) adviser with the Tax Practitioners Board which was approved after 1 January 2022.

Registered tax agents were not deemed to be registered with ASIC under the Better Advice Act.

For further information, see Flowchart: Was I deemed registered with ASIC?

IMPORTANT: ASIC has provided a written notice of registration to all ‘deemed’ relevant providers and their AFS licensees. Relevant providers who did not receive a written notice of registration but believe they should have can contact ASIC at registration.enquiries@asic.gov.au.

The only difference between deemed registrations and other registrations is that AFS licensee(s) were not required to lodge an application with ASIC to register relevant providers who were deemed registered.

IMPORTANT: Once a registration takes effect, there is no difference between being ‘deemed’ registered or registered ordinarily. The rights and obligations which apply to the registration are the same.

For example, deemed registrations cease in the same way non-deemed registrations do: see Questions 18–22. If a relevant provider’s deemed registration ceases before 16 February 2024 – for example, they changed AFS licensees or went on a career break after their deemed registration came into effect – they may continue to provide personal advice until 15 February 2024 (if re-authorised to do so). However, from 16 February 2024, they must not provide personal advice until they have been registered again.

10. How can AFS licensees apply to register their relevant provider(s)?

Applications to register relevant providers are lodged by the relevant provider’s AFS licensee(s) using ASIC Connect.

Before a relevant provider can be registered, the relevant provider must be authorised by an AFS licensee to provide personal advice on the licensee’s behalf, and the licensee must notify ASIC of the authorisation using ASIC Connect to appoint (add) the relevant provider to the Financial Advisers Register. The AFS licensee can then choose the ‘Registration of relevant providers’ option from the ‘Transactions’ list and follow the prompts. Up to 25 relevant providers can be registered during each transaction.

Note: The ‘Registration of relevant providers’ option should also be selected to register time-share advisers. To complete an application for registration, an AFS licensee must:

• provide the information set out in Question 12, and
• make the declarations set out in Question 13.

In addition to the links provided in this information sheet, AFS licensees can follow the step-by-step guidance on registering a relevant provider available on ASIC’s website.

11. What is the fee for registering a relevant provider?

Each application to register a relevant provider will incur a $50 fee. This is a prescribed fee set by the Government. The fee will be charged on lodgement of an application and will be incurred regardless of whether the application is approved or refused.

This fee is charged in addition to fees associated with updating the Financial Advisers Register, including the fee to notify ASIC of the appointment of a relevant provider.

12. What information is required when applying to register a relevant provider?

The registering AFS licensee must provide the following information for each relevant provider it is applying to register:

• the relevant provider’s representative number (found on the Financial Advisers Register)
• the relevant provider’s principal business address
• the relevant provider’s personal or direct work email address, and
• the relevant provider’s phone number.

ASIC will send a notice of registration to the relevant provider’s email address. The AFS licensee’s email address should not be used as the relevant provider’s email address.

The registering AFS licensee will also need to make declarations about the relevant provider’s compliance with the professional standards requirements and their fitness and propriety to provide personal advice: see Question 13.

13. What declarations must a relevant provider make to their registering AFS licensee?

To be registered, a relevant provider must make a declaration to their registering AFS licensee that they are a fit and proper person to provide personal advice.

For more information, see Question 1 of INFO 277.

14. What declarations must the registering AFS licensee make when applying to register a relevant provider?

Registering AFS licensees must make declarations about the relevant provider’s fitness and propriety to provide personal advice and compliance with the professional standards. The declarations are made by checking the appropriate boxes in the registration application form on ASIC Connect.

For more information on the declarations that must be provided, see INFO 277.

15. What factors are relevant to determining if a relevant provider is a fit and proper person?

When making declarations about whether a person is fit and proper to provide personal advice, the law requires that relevant providers and AFS licensees consider certain matters, as well as make a general assessment of whether a person is ‘fit and proper’ to provide personal advice. For more information see INFO 277.

16. Will ASIC confirm that a relevant provider has been registered?

Yes. ASIC must give written notice of registration to the relevant provider and the registering AFS licensee (if applicable) as soon as practicable after the registration of the relevant provider is recorded on the Financial Advisers Register.

Where a relevant provider is registered by more than one AFS licensee (see Questions 23–25), the relevant provider will receive a notice of registration for each registration. Each registering AFS licensee will only receive a notice of registration which relates to the relevant provider it has registered.

ASIC will send the relevant provider and the registering AFS licensee(s) their notice of registration by email.

Relevant providers who were deemed to be registered under the Better Advice Act, and their authorising AFS licensee(s), have already received their notice(s) of registration by ordinary mail. See Question 9 for more information about deemed registration.

17. When will an application for registration be refused?

An application for registration will be refused if:

• a banning or disqualification order is in place against the relevant provider which prohibits them from providing personal advice, or
• a registration prohibition order is in force against the relevant provider.

If an application for registration is refused, ASIC must, within five business days of the decision, give written notice of the refusal to the relevant provider and the registering AFS licensee (if applicable) and specify the grounds for the refusal. ASIC will send the notice of refusal by email.

Where an application for registration is refused, the relevant provider will not be registered and must not provide personal advice. See Question 7 for more information about the consequences of authorising a relevant provider who provides personal advice while unregistered.

18. When does a relevant provider’s registration cease?

A relevant provider’s registration starts from the time ASIC records the registration on the Financial Advisers Register and lasts until:

• for all relevant providers:
  • the time a banning order begins which prohibits the relevant provider from providing personal advice, or
  • the cancellation time specified in a registration prohibition order: see Question 20
• for relevant providers who are not AFS licensees: the time the registering AFS licensee ceases the relevant provider’s authorisation to provide personal advice, and
• for self-licensed relevant providers: the time the AFS licence ceases to be in force.

IMPORTANT: A relevant provider who has been registered by more than one AFS licensee remains registered as long as at least one registration is in force: see Question 24.

19. Will ASIC confirm when a relevant provider’s registration has ceased?

ASIC will not ordinarily provide a notice of cessation of registration to the relevant provider or their AFS licensee(s). AFS licensees should be aware that a relevant provider’s registration ceases when the registering AFS licensee ceases the relevant provider’s authorisation to provide personal advice (for example, when the relevant provider changes AFS licensees or goes on a career break).

However, where a registration prohibition order is made by the Financial Services and Credit Panel, ASIC will provide a copy of the registration prohibition order to the relevant provider and their authorising AFS licensee(s). See Question 20 for more information about registration suspension and prohibition orders.

IMPORTANT: Relevant providers may be authorised and registered by more than one AFS licensee at the same time: see Questions 23–25. AFS licensees that choose to rely on another AFS licensee’s registration should have robust processes and procedures in place to ensure that they are immediately notified when the registration of their relevant provider has ceased. There are significant consequences for AFS licensees that continue to authorise relevant providers who provide personal advice while unregistered: see Question 7.

20. What happens if a relevant provider is subject to a registration suspension or prohibition order?

Notices

ASIC will notify the relevant provider and their authorising AFS licensee(s) when the Financial Services and Credit Panel (FSCP) makes orders against a relevant provider, including registration suspension and registration prohibition orders. For more information, see Regulatory Guide 263 Financial Services and Credit Panel (RG 263).

Registration suspension order

If the FSCP makes a registration suspension order against a relevant provider, the relevant provider’s registration will be taken not to be in force for the period specified in the order. The Financial Advisers Register will indicate that the registration is ‘suspended’.

If a registration suspension order is made against a relevant provider who is registered by more than one AFS licensee, the order operates to suspend all of the relevant provider’s registrations.

Once the registration suspension order is no longer in force, the relevant provider’s registration(s) will automatically be reinstated, provided the registering AFS licensee(s) have not ceased the relevant provider’s authorisation to provide personal advice. However, AFS licensees should consider revoking the relevant provider’s authorisation to provide personal advice if a registration suspension order is made against the relevant provider, given the consequences that apply to an AFS licensee if a relevant provider that it authorises gives personal advice while unregistered: see Question 7. If the AFS licensee revokes the relevant provider’s authorisation to provide personal advice, it must also cease the relevant provider’s appointment on the Financial Advisers Register within 30 business days.

To lawfully provide personal advice at the conclusion of a registration suspension order, a relevant provider must be:

• authorised by an AFS licensee
• appointed to the Financial Advisers Register, and
• registered with ASIC.

Registration prohibition order

If the FSCP makes a registration prohibition order against a relevant provider, the relevant provider’s registration will be cancelled from the time specified in the registration prohibition order. During the period of the order, the Financial Advisers Register will indicate that the relevant provider is ‘prohibited’ from being registered.

If a registration prohibition order is made against a relevant provider who is registered by more than one AFS licensee, the order operates to cease all of the relevant provider’s registrations.

AFS licensees should consider revoking the relevant provider’s authorisation to provide personal advice if a registration prohibition order is made against the relevant provider, given the consequences that apply to an AFS licensee if a relevant provider that it authorises gives personal advice while unregistered: see Question 7. If the AFS licensee revokes the relevant provider’s authorisation to provide personal advice, it must also cease the relevant provider’s appointment on the Financial Advisers Register within 30 business days.

Once the registration prohibition order is no longer in force, the relevant provider’s registration(s) will not be automatically reinstated. The relevant provider must be registered again before they can provide personal advice.

To lawfully provide personal advice at the conclusion of a registration prohibition order, a relevant provider must be:

• authorised by an AFS licensee
• appointed to the Financial Advisers Register, and
• registered with ASIC.

21. Will a relevant provider’s registration cease if they change AFS licensees?

Yes, if an AFS licensee ceases to authorise a relevant provider, any associated registration will also cease. The relevant provider’s ability to continue providing advice will depend on how many AFS licensees authorise and register the relevant provider at that time.

Relevant provider authorised and registered by one AFS licensee only

When the registering AFS licensee ceases a relevant provider’s authorisation, that relevant provider’s registration will automatically cease. This means the relevant provider must not provide personal advice because they are no longer registered. Their registration status may not be immediately reflected on the Financial Advisers Register, because the registering AFS licensee has up to 30 business days to update the Financial Advisers Register with respect to the cessation of the relevant provider’s authorisation.

To provide personal advice again, the relevant provider must be authorised, appointed and registered by another AFS licensee: see Question 22.

Relevant provider authorised by more than one AFS licensee, but registered by only one AFS licensee

If a relevant provider is authorised by more than one AFS licensee, but registered by only one of those AFS licensees, the relevant provider’s registration will automatically cease when the registering AFS licensee ceases the relevant provider’s authorisation. This means the relevant provider must not provide personal advice because they are no longer registered. Their registration status may not be immediately reflected on the Financial Advisers Register, because the registering AFS licensee has up to 30 business days to update the Financial Advisers Register with respect to the cessation of the relevant provider’s authorisation.

To become eligible to provide personal advice again, the relevant provider must be registered by at least one of their other authorising AFS licensees: see Question 22 and Question 24.

Relevant provider authorised and registered by more than one AFS licensee

If a relevant provider is authorised and registered by more than one AFS licensee, and one of the registering AFS licensees ceases to authorise the relevant provider, the relevant provider will remain registered and can continue to provide personal advice while authorised by the other AFS licensee(s), provided at least one registration remains in force. See Questions 23–25 for more information about multiple registrations.

IMPORTANT: ASIC will not notify the relevant provider or their authorising AFS licensee(s) when a relevant provider’s registration has ceased. AFS licensees that choose to rely on another AFS licensee’s registration should have robust processes and procedures in place to ensure that they are immediately notified when the registration of their relevant provider has ceased. There are significant consequences for AFS licensees that continue to authorise relevant providers who provide personal advice while unregistered: see Question 7.

22. If a relevant provider’s registration ceases, how soon can a new AFS licensee apply to register the relevant provider?

Provided the relevant provider is not subject to a banning order, a registration suspension order or a registration prohibition order, a new AFS licensee can apply to register the relevant provider as soon as it has:

• authorised the relevant provider to provide personal advice, and
• notified ASIC of the new authorisation by using ASIC Connect to appoint (add) the relevant provider to the Financial Advisers Register.

The new AFS licensee does not have to wait until the Financial Advisers Register shows a relevant provider’s authorisation and registration by a previous AFS licensee has ceased.

Some AFS licensees may choose not to authorise a relevant provider until the previous licensee has updated the Financial Advisers Register to reflect that the relevant provider’s authorisation and registration has ceased. However, AFS licensees have 30 business days to update the Financial Advisers Register. If the new registering AFS licensee waits until the previous AFS licensee has updated the Financial Advisers Register before applying to register the relevant provider, the relevant provider will be unable to provide personal advice on behalf of the new AFS licensee until the relevant provider is registered under the new AFS licensee.

Example 1 shows how delaying registration of a relevant provider can impact their ability to provide advice.

Example 1: Consequences of delaying the registration of a relevant provider following a change in AFS licensees

Zoe is a relevant provider who is authorised and registered by Licensee Y. Licensee Y later decides to no longer authorise Zoe to provide personal advice. Licensee Y does not lodge a transaction to cease (remove) Zoe’s appointment on the Financial Advisers Register at that time.

Zoe then starts working for Licensee Z. Licensee Z authorises Zoe to provide personal advice, but does not appoint or apply to register her on the Financial Advisers Register. Licensee Z instead waits for Licensee Y to update the Financial Advisers Register.

Licensee Y waits 10 business days before updating the Financial Advisers Register, at which time Licensee Z applies to appoint and register Zoe. ASIC then approves Zoe’s registration and records Zoe’s registration on the Financial Advisers Register.

Zoe must not provide personal advice from when Licensee Y stops authorising her until her registration with Licensee Z is recorded on the Financial Advisers Register.

23. Can a relevant provider be registered by more than one AFS licensee at the same time?

Yes. A relevant provider who is authorised by more than one AFS licensee can be registered by each authorising licensee at the same time: see Question 24.

24. Who should register a relevant provider if they are authorised by more than one AFS licensee?

If a relevant provider is authorised by more than one AFS licensee, the relevant provider must be registered by at least one of the authorising licensees before they can provide personal advice. However, each authorising AFS licensee may apply to register the relevant provider. Each registering AFS licensee will be charged a registration application fee: see Question 11.

If the application is approved, ASIC will provide a written notice of registration to each registering AFS licensee. ASIC will also provide the relevant provider a notice of registration for each approved registration: see Question 16.

25. When will a relevant provider’s registration cease if they are authorised by more than one AFS licensee?

As detailed in Question 18, a relevant provider’s registration will cease when a banning order begins, when a registration prohibition order commences (see Question 20) or when the relevant provider’s authorisation to provide personal advice ceases.

Where an AFS licensee ceases to authorise a relevant provider, the relevant provider may be able to continue providing advice. However, this will depend on how many AFS licensees authorise and register the relevant provider at that time.

Relevant provider authorised by more than one AFS licensee, but registered by only one AFS licensee

If the relevant provider’s authorisation to provide personal advice is ceased by the registering AFS licensee, the relevant provider’s registration will automatically cease: see Question 18. The relevant provider must be registered by another authorising AFS licensee before they can provide personal advice again: see Question 10 and Question 22.

If the relevant provider’s authorisation to provide personal advice is ceased by a non-registering AFS licensee, the relevant provider’s registration will remain in force, and the relevant provider can continue to provide personal advice.

Example 2 shows how a relevant provider authorised by more than one AFS licensee, but registered by only one, is affected when the registering AFS licensee ceases the relevant provider’s authorisation.

Example 2: Impact of a relevant provider’s authorisation ceasing when they are authorised by more than one AFS licensee, but registered by only one AFS licensee

Vinata is a relevant provider who is authorised by Licensee J and Licensee K to provide personal advice. Licensee J registers Vinata on the Financial Advisers Register. Licensee K has not applied to register Vinata.

Licensee J decides to no longer authorise Vinata to provide personal advice. Vinata’s registration ceases as a result. Her authorisation with Licensee K continues. However, as Vinata is no longer registered, she cannot legally provide personal advice until she is registered again. Licensee K can apply to register Vinata at any time.

Relevant provider authorised and registered by more than one AFS licensee

If the relevant provider’s authorisation to provide personal advice is ceased by a registering AFS licensee, and the relevant provider has another registration in force, the relevant provider will remain registered and can continue to provide personal advice: see Question 24.

Example 3 shows how a relevant provider authorised and registered by more than one AFS licensee is affected when a registering AFS licensee ceases its authorisation.

Example 3: Impact of a relevant provider’s authorisation ceasing when they are authorised and registered by more than one AFS licensee

Adam is a relevant provider who is authorised and registered by Licensee A and Licensee B.

Licensee A decides to no longer authorise Adam to provide personal advice. Although Adam’s registration under Licensee A ceases as a result, his authorisation and registration under Licensee B continue.

Adam can continue to provide personal advice.

IMPORTANT: In each of the above examples, ASIC will not notify the relevant provider or their authorising AFS licensees when a relevant provider’s registration has ceased.